Friday, February 8, 2008

Wheat Goes Parabolic: "Highest Price in U.S. History"

From the St. Paul Pioneer Press:

The highest wheat price in U.S. history - more than $15 a bushel - was reached Thursday in Minneapolis as a trading frenzy inflames the grain markets, fans fears of spiking food costs and revives worries about food shortages.

With wheat stockpiles dwindling, a worldwide scramble is under way for bushels of high-protein spring wheat, the variety grown in Minnesota and the Dakotas and traded at the Minneapolis Grain Exchange. Already, spring wheat prices have tripled in the past year and are poised to move even higher....MORE